Pinnacle Federal Credit Union

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Home Equity Loans in NJ

Our Home Equities are back for a limited-time only.

If you’re a homeowner, you work hard to pay for your home. Maybe it’s time to put your home to work for you with a NJ Home Equity Loan. Home improvements, special vacation, new vehicle, whatever you are looking for, your home equity can help provide it!

Get more out of the equity you’ve put into your home.
Don’t want to worry about your payment going up? Our Fixed-Rate Home Equity Loans is your answer. With flexible terms available from 5 years up to 20 years or choose our NEW 30 year amortized/15 year balloon loan.

What is a 30-year fixed mortgage with a 15-year balloon?This fixed-rate mortgage otherwise know as a 30/15. It is amortized like a 30-year mortgage, but at the end of 15 years, the remaining balance (a.k.a the balloon) comes due. This means you would need to pay off the loan, or refinance within 15 years.

What’s the advantage of this option?This loan offers you a lower payment by amortizing it over a longer period of time, and allowing you to refinance your house after 15 years or sell it; depending on your plans for your home.

Take advantage of our special introductory rate while it lasts!
Our Home Equity Line of Credit is great for home improvements, debt consolidation, special occasions and more. Use the money when you need it, repay and use it again! Draw options including an interest only 5-year draw or a 10-year draw line.

What’s a draw period?The draw period is the time you can withdraw from the line of credit. During the draw period, there is a minimum payment due. After that time expires, your loan will go into repayment period where you start to pay back the money borrowed.

Speak to one of our Mortgage Specialists today for details, terms and conditions.
(732) 225- 1505 or mortgages@pinnaclefcu.com

*APR=Annual Percentage Rate. An introductory rate of 3.99% APR will apply for the first 18 months. Thereafter, the rate will adjust to fully indexed rate (today’s rates 4.75% to 6.25%) on the first calendar day of the month following the end of the 18 month introductory period. Indexed rate based on creditworthiness. The introductory rate is for new applications between March 29 – June 30, 2018. Applications are valid for 30 days from date of submission. Loans are only offered in New Jersey, New York or Pennsylvania on owner occupied primary residential properties. To qualify for the introductory rate, you must close on your Home Equity Line of Credit by July 31, 2018. Minimum line of credit amount is $10,000. Maximum loan amount is $250,000 or up to 80% equity in your primary residence, whichever is less. A floor rate of 4.25% for the life of the loan will apply after the introductory rate expires. The maximum APR that may be imposed will be 18%. There is a 5 year or 10 year draw period. During the 5 year draw period, payments will be due monthly calculated to satisfy interest due; with a minimum payment amount of $100.00. During the 10 year draw period, payments will be due monthly calculated on a fully amortized basis. For both the 5 and 10 year draw, the interest will begin to accrue when money is taken from the line of credit. A $10,000 initial advanced will be required at time of loan closing. After the draw period expires, payments will be calculated to pay off the loan balance in equal monthly payments by the maturity date. After the introductory period ends, the rate may change monthly based on the prime rate published in the Wall Street Journal. Payments will be due monthly until loan has been satisfied. FEES: There is no application fee/charge, and no closing costs. We will pay third party fees on your behalf. If we do so, you must keep the line of credit open for at least 60 months (five years) or be liable to reimburse the Lender by paying a $400 origination reimbursement fee. A fee breakdown will be provided prior to closing. Not all borrowers will qualify. Satisfactory Homeowners’ Insurance is required. Satisfactory Flood Insurance may be required. Rates effective as of March 29, 2018. Rates subject to change without notification. Pinnacle Federal Credit Union is an equal housing lender. NMLS# 423010.1 Speak to your tax advisor.

**APR=Annual Percentage Rates. Rates shown are base rates. Current rates as low as 4.75% up to 7.99%APR. The actual rate will be determined based on creditworthiness and term. Your loan payment will be due monthly. Payments will be calculated by amortizing the whole loan amount over 30 years with a 15 year balloon. After 15 years, the remaining balance together with all interest will be due in full. Your interest rate on a fixed Home Equity will never change throughout the life of your loan. Loans are only offered in New Jersey, New York or Pennsylvania on owner occupied primary residential properties only. Maximum loan amount is $250,000 or up to 80% of the equity in your home. There is no application fee or charge. Lender requires a five (5) year fee agreement for all loan origination charges. Rates effective February 1, 2018. Rates advertised are subject to change without notification. Pinnacle Federal Credit Union is an Equal Housing Lender. Not all applicants will qualify. NMLS# 423010

***APR=Annual Percentage Rates. Rates shown are base rates. Current rates as low as 3.75% up to 8.49%APR. The actual rate will be determined based on creditworthiness. Loans are only offered in New Jersey, New York or Pennsylvania on owner occupied primary residential properties only. Maximum loan amount is $250,000 or up to 80% equity in your home, whichever is less. There is no application fee or charge. The current rates for 2nd Mortgages are as low as 3.75% APR for 60 months fixed loan, as low as 4.125% APR for 61 -120 months fixed loan, as low as 4.40% APR for 121-180 months fixed loan and as low as 4.99% APR for 181-240 months fixed loan. Your loan payments will be due monthly and payments will be calculated to pay off the loan balance in approximately equal monthly payments by the maturity date. Your interest rate on a fixed 2nd Mortgage will never change throughout the life of your loan. Rates subject to change without notification. Not all borrowers will qualify. Rates effective as of February 1, 2018. Pinnacle Federal Credit Union is an Equal Housing Lender. NMLS# 423010.